From 12 March, ANZ’s Wealth division in Asia will join its retail division in the region, reporting to group executive and chief executive New Zealand, David Hisco.
In New Zealand, the Wealth division will be part of an expanded Retail, Business Banking, and Wealth team reporting to John Body.
In Australia, ANZ-branded distribution, including ANZ Financial Planning, will become part of Retail Distribution, reporting to Catriona Noble.
Departure
As part of the restructure; Joyce Phillips, group executive Wealth, Marketing and Innovation will leave ANZ.
Shayne Elliot, chief executive of ANZ, said “Under Joyce’s leadership the wealth division has achieved a significant amount since it was formed in 2012. In that time, Joyce has built a great reputation for wealth through its consistently strong business performance, improved governance and compliance.”
Australia Wealth
ANZ will also focus its insurance, superannuation, and investment product business in Australia, which will be formed into a focused business to be known as Australia Wealth. Alexis George, currently managing director Insurance will lead the business as managing director, reporting to Elliot.
Elliot said: “These changes generate more value for our eight million customers by making it simpler and more convenient to access wealth solutions through closer coordination and alignment of our wealth and retail products. The changes help us unlock more potential from wealth and reduce complexity, duplication and cost across our business.
“The simplified approach also provides the opportunity to focus on improving returns and capital efficiency from our insurance, superannuation and investment product business given higher regulatory capital requirements,” he said.
